TRAVACO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
TRAVACO
Largest movements
- Tangible fixed assets +€183,329
up €183,329 (+173.2%), from €105,837 to €289,166
of which Other tangible fixed assets: +€177,227
- Cash +€17,315
up €17,315 (+19.6%), from €88,238 to €105,553
mainly Other debts (+€186,021) and Depreciation (+€45,629)
- Receivables within one year -€16,496
down €16,496 (-9.5%), from €174,318 to €157,822
of which Trade receivables: -€16,496
- Other debts +€186,021
up €186,021 (+155.8%), from €119,427 to €305,448
- Debts after one year +€8,209
up €8,209 (+63.4%), from €12,939 to €21,148
- Current portion of long-term debt -€7,986
down €7,986 (-33.7%), from €23,707 to €15,721
- Gross operating margin -€14,604
down €14,604 (-24.8%), from €58,967 to €44,363
- Depreciation +€3,529
up €3,529 (+8.4%), from €42,101 to €45,629
- Taxes -€1,177
down €1,177 (-100.0%), from €1,177 to €0
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €381,781 | €567,969 | +€186,188 | +48.8% |
| Fixed assets | 21/28 | €107,142 | €290,901 | +€183,759 | +171.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €105,837 | €289,166 | +€183,329 | +173.2% |
| Plant, machinery and equipment | 23 | €16,231 | €32,408 | +€16,177 | +99.7% |
| Furniture and vehicles | 24 | €43,970 | €33,895 | -€10,075 | -22.9% |
| Other tangible fixed assets | 26 | €45,636 | €222,863 | +€177,227 | +388.4% |
| Financial fixed assets | 28 | €1,305 | €1,735 | +€430 | +33.0% |
| Current assets | 29/58 | €274,639 | €277,069 | +€2,429 | +0.9% |
| Stocks and contracts in progress | 3 | €9,587 | €9,422 | -€165 | -1.7% |
| Stocks | 30/36 | €9,587 | €9,422 | -€165 | -1.7% |
| Amounts receivable within one year | 40/41 | €174,318 | €157,822 | -€16,496 | -9.5% |
| Trade receivables | 40 | €16,496 | - | -€16,496 | |
| Other amounts receivable | 41 | €157,822 | €157,822 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €88,238 | €105,553 | +€17,315 | +19.6% |
| Deferred charges and accrued income | 490/1 | €2,496 | €4,272 | +€1,775 | +71.1% |
| Total equity and liabilities | 10/49 | €381,781 | €567,969 | +€186,188 | +48.8% |
| Equity | 10/15 | €207,264 | €201,549 | -€5,715 | -2.8% |
| Contributions | 10/11 | €156,391 | €156,391 | = | 0.0% |
| Reserves | 13 | €50,873 | €47,775 | -€3,099 | -6.1% |
| Tax-exempt reserves | 132 | €10,621 | €10,621 | = | 0.0% |
| Distributable reserves | 133 | €40,252 | €37,153 | -€3,099 | -7.7% |
| Profit (loss) carried forward | 14 | - | -€2,617 | -€2,617 | |
| Amounts payable | 17/49 | €174,517 | €366,421 | +€191,904 | +110.0% |
| Amounts payable after more than one year | 17 | €12,939 | €21,148 | +€8,209 | +63.4% |
| Financial debts | 170/4 | €12,939 | €21,148 | +€8,209 | +63.4% |
| Amounts payable within one year | 42/48 | €161,297 | €344,987 | +€183,690 | +113.9% |
| Current portion of amounts payable after more than one year | 42 | €23,707 | €15,721 | -€7,986 | -33.7% |
| Trade debts | 44 | €12,080 | €14,546 | +€2,466 | +20.4% |
| Suppliers | 440/4 | €12,080 | €14,546 | +€2,466 | +20.4% |
| Taxes, remuneration and social security | 45 | €6,083 | €9,273 | +€3,189 | +52.4% |
| Taxes | 450/3 | €4,783 | €7,973 | +€3,189 | +66.7% |
| Remuneration and social security | 454/9 | €1,300 | €1,300 | = | 0.0% |
| Other amounts payable | 47/48 | €119,427 | €305,448 | +€186,021 | +155.8% |
| Accrued charges and deferred income | 492/3 | €281 | €286 | +€5 | +1.8% |
| Non-recurring operating income | 76A | - | €3,200 | +€3,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,101 | €45,629 | +€3,529 | +8.4% |
| Other operating charges | 640/8 | €2,762 | €2,847 | +€85 | +3.1% |
| Gross operating margin | 9900 | €58,967 | €44,363 | -€14,604 | -24.8% |
| Operating profit (loss) | 9901 | €14,104 | -€4,113 | -€18,218 | |
| Financial income | 75/76B | €11 | €22 | +€11 | +95.1% |
| Recurring financial income | 75 | €11 | €22 | +€11 | +95.1% |
| Financial charges | 65/66B | €1,308 | €1,624 | +€316 | +24.2% |
| Recurring financial charges | 65 | €1,308 | €1,624 | +€316 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €12,808 | -€5,715 | -€18,523 | |
| Income taxes | 67/77 | €1,177 | €0 | -€1,177 | -100.0% |
| Profit (loss) for the period | 9904 | €11,631 | -€5,715 | -€17,346 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,631 | -€5,715 | -€17,346 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.